Buenos Aires City, August 28, 2013 -- Moody's Latin America (Moody's) has assigned ratings to the debt securities
and certificates of Fideicomiso Financiero CCF Créditos Serie 3.
This transaction will be issued by Equity Trust Company (Argentina) S.A.
- acting solely in its capacity as issuer and trustee.

Moody's notes that as of today, the securities contemplated by this
transaction have not yet settled. If any assumptions or factors
considered by Moody's in assigning the ratings change before closing,
Moody's could change the ratings assigned to the notes.

The rating of the VDF TVA and VDF TFB securities addresses the expected
loss posed to investors related to the payment of interest and principal
by the legal final maturity date (July 12, 2016). The rating
of the CP addresses the expected loss posed to investors related to the
repayment of the principal only by the legal final maturity date.
The rating of the CP does not address any other interest or residual payments.

RATINGS RATIONALE

The ratings are mainly based on the following factors:

-- Initial subordination of the VDF TVA securities of 3,57%
(calculated over principal from the loans). If calculated taking
into account any interest accrued and paid as of the cut off date,
the intial subordination would be 16.09%

-- The turbo sequential payment structure which captures
all the available excess spread in the transaction to pay down the VDF
securities (approximately 57,65% annually, assuming
0% defaults and 0% prepayments, before expenses and
taxes)

-- The ability of Cordial Compañía Financiera
S.A. (CCF) (B2/Aa3.ar) to act as primary servicer
of the pool

-- The ability of Banco Supervielle S.A. (B2/Aa3.ar)
to act as master servicer and backup servicer

-- The credit quality of the underlying loans

-- The availability of several reserve funds

The rated securities are payable from the cash flow coming from the assets
of the trust, which is an amortizing pool of 40,663 eligible
personal loans denominated in Argentine pesos, with a fixed interest
rate, originated by Cordial Compañía Financiera S.A.
(CCF), in an aggregate amount of ARS 204,619,746.66.

Moody's considered the credit enhancement provided in this transaction
through the initial subordination levels for each rated class, as
well as the historical performance of CCF's portfolio. In addition,
Moody's considered factors common to consumer loans securitizations such
as delinquencies, prepayments and losses; as well as specific
factors related to the Argentine market, such as the probability
of an increase in losses if there are changes in the macroeconomic scenario
in Argentina.

These factors were incorporated in a cash flow model that takes into account
all the relevant features of the transaction's assets and liabilities.
Monte Carlo simulations were run, which determines the expected
loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a lognormal
distribution for defaults as follows: a mean of 14% and a
coefficient of variation of 60%. Moody's also assumed a
lognormal distribution for prepayments with a mean of 40% and a
coefficient of variation of 50%. These assumptions are derived
from the historical performance to date of the CCF pools. Servicer
default was modeled by simulating the default of CCF as the servicer consistent
with its current ratings. In the scenarios where the servicer defaults,
Moody's assumed that the defaults on the pool would increase by 20 percentage
points compared with the base default assumption.

The model results showed 0.11% expected loss for the VDF
TVA securities, 3.88% for the VDF TFB and 16.50%
for the CP certificate.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3%
from the base case scenario, the ratings of the VDF TFB and the
CP would be downgraded to Caa1 (sf) and Caa3 (sf) respectively.
The rating of the VDF TVA securities would remain unchanged.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. The transaction is linked to the credit quality
of the servicer, which will transfer collections to the trust account
every 72 hours. Therefore, there are three days of commingling
risk at the servicer level. If CCF is removed as servicer,
Banco Supervielle S.A. will be appointed as the backup servicer.
However, Banco Supervielle belongs to the same economic group than
the primary servicer. This is mitigated by the fact that collections
are initially received by two collection agents before flowing into CCF's
account. Borrowers should be able to continue making payments at
any of these two collection agents if the servicer needs to be replaced.
As a result, any potential servicer replacement should be simpler
in this case than in other Argentine transactions.

CCF, the originator and primary servicer in the transaction,
is a financial company owned by Banco Supervielle (B2/Aa3.ar) which
holds 95% of CCF's shares. CCF offers financial products
such as credit cards, personal and consumer loans to Wal-Mart
customers in Argentina, based on a commercial agreement with Wal-Mart
Argentina S.R.L. signed in July 2010. CCF
current deposit ratings are Aa3.ar (national scale rating) and
B2 (global scale, local currency).

The main source of uncertainty for this transaction is the level of delinquency
of the loans assigned to the trust. A worsening in macroeconomic
conditions such as an increase in unemployment could increase the losses
of the pool. Obligors in this transaction belong to low or middle
income socioeconomic segments, therefore they may be more affected
by a slowdown in the economic activity or higher unemployment.
However, Moody's believes CCF's has in place solid collection
and loss mitigation practices that should mitigate this risk to some extent.

The principal methodology used in this rating was Moody's Approach
to Rating Consumer Loan ABS Transactions published in May 2013.
Please see the Credit Policy page on www.moodys.com for
a copy of this methodology.

Moody's National Scale Credit Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within a country,
enabling market participants to better differentiate relative risks.
NSRs differ from Moody's global scale credit ratings in that they are
not globally comparable with the full universe of Moody's rated entities,
but only with NSRs for other rated debt issues and issuers within the
same country. NSRs are designated by a ".nn"
country modifier signifying the relevant country, as in ".mx"
for Mexico. For further information on Moody's approach to national
scale credit ratings, please refer to Moody's Credit rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Credit Ratings to Global Scale Credit Ratings".

REGULATORY DISCLOSURES

Moody's did not receive or take into account a third-party
assessment on the due diligence performed regarding the underlying assets
or financial instruments in this transaction.

For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings,
this announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this rating action, and
whose ratings may change as a result of this rating action, the
associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.

Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.

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